Worldsteel in Tokyo: US steel tariffs not to have any major impact on Japan

Tuesday, 16 October 2018 16:34:53 (GMT+3)
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Istanbul

Talking to the media at the announcement in Tokyo of the worldsteel (World Steel Association) short-range outlook for global steel demand in 2018 and 2019, the association’s chairman Kosei Shindo, who is also president of Japanese steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC), commented that the focus of the steel industry is currently on trade frictions, amid fears that they may shrink steel trade and business. He said that, after the 25 percent duty imposed by the US on steel imports, the issue has now spread well beyond steel, with sectors including automotive and agriculture being impacted. The main focus, he said, has turned to the China-US dispute, adding that the issues range beyond steel and involve political developments.

As for the position of Japan against the backdrop of the US steel tariffs, Mr. Shindo said he did not believe that Japan will suffer any major impact because of the US measures. He pointed out that only two percent of Japan’s steel output is exported to the US, with Japan being only the eighth largest exporter of steel to the US.

While stating the steel industry is faced with various risks around the world, the NSSMC president remarked that currently the industry is blessed with a favorable economic environment.